Ayandeh Bank, one of Iran’s largest private banks, filed for bankruptcy after accumulating $5.1 billion in losses and nearly $3 billion in debt. The Central Bank of Iran failed to rescue the bank, affecting over 42 million customers with 270 branches nationwide. Their assets were absorbed by state-owned Bank Melli. CBI Governor assures customers they can recover their savings immediately.

Bitcoin’s genesis block mentioned UK bank bailouts, reflecting Satoshi Nakamoto’s concerns about the banking system. Bitcoin saw growth due to US local banking crises in 2023, with banks like Silicon Valley Bank and Signature Bank filing for bankruptcy. Bitcoin price rallied from below $20,000 to over $29,000 as public trust in US banks waned.

Iran’s banking system is fragile due to widespread sanctions, restricting access to international networks and US dollar transactions, increasing risks in the local banking sector. The Iranian rial continues to lose purchasing power. Eight Iranian banks are at risk of dissolution without reforms, as warned by the Central Bank earlier this year. Iranian crypto exchanges have also faced challenges, with Nobitex suffering an $81 million hack in June, contributing to an 11% drop in Iranian crypto flows amid conflicts with Israel.

Read more at Cointelegraph: Big Iran Bank Goes Bankrupt, Affecting 42 Million Customers